Loads of potential for Penrose 'industrial gem'

By Colin Taylor

The front building at 145 Station Rd, Penrose was built in 1982 for an engineering supplies business.
The front building at 145 Station Rd, Penrose was built in 1982 for an engineering supplies business.

Two industrial buildings in Penrose are being offered for sale for the first time in 40 years.

The freehold property at 145 Station Rd has a 405sq m vacant two-storey building at the front and a 212sq m tenanted building at the rear.

"This property will suit owner-occupiers looking for premises around the $1 million price range," says Savills senior broker Bruce Webb who is marketing it for sale by private treaty closing on October 18 in a joint agency with CBRE broker Mark Bramwell.

"Low interest rates are encouraging small businesses to own buildings rather than paying a landlord rent," Webb says.

The front building was erected in 1982 for an engineering supplies business.

"The business was sold about 12 years ago and the building was leased by the new owner, who has now moved to other premises.

The rear building has been leased by a specialist gasket company and it has about one year to run on its lease.

Webb says the property owner left the front building vacant so an owner-occupier can move in and set up business straight away.

"The building is improvable. It is set up as a showroom and reception area on the ground level, offices upstairs and warehousing and storage at the rear of the property."

Bramwell says the appeal for an owner-occupier is the rent return of about $20,000 a year from the rear property.

"This makes the property attractive, particularly as there is a shortage of small industrial properties on freehold titles because Penrose is a tightly held industrial precinct."

He says the paved, wedge-shaped property is well developed with ample parking and driveways.

"It sits on Business 4 zoned land, which is suitable for showrooms, manufacturing, warehousing and office use."

Webb says the property is "an industrial gem", sitting in the city's most established industrial location, with easy access to SH1 and Penrose train station.

"A new owner can make improvements turning it into an outstanding investment property, including a possible work and live option or an owner-occupier could run their business on the ground level and convert the top floor into an attractive apartment."

Webb says the strong fundamentals at 145 Station Rd lie in its location, versatility and visibility of the property.

"Savvy owner-occupiers and investors will recognise the opportunity this property provides."

- NZ Herald

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